You're reading: Cabinet approves concept of Transparent Budget system

The Ukrainian government at a cabinet meeting on Thursday approved a concept of the Transparent Budget information and analytical system, which would be the next step of opening information on the execution of budgets of all levels after the launch of the E-Data system in September 2015.

“This is a revolutionary system in several directions,” Finance Minister of Ukraine Natalie Jaresko said, presenting the document.

She said that the system would allow reorganizing document turnover with the introduction of the single electronic cabinet and electronic agreement, creating a first online analytical system to analyze the execution of the national budget and local budgets and disclosing the information to any citizen or company.

The finance minister said that the Transparent Budget would integrate data from the State Fiscal Service, State Treasury Service, the National Bank of Ukraine (NBU) and the Prozzoro public procurement system.

Jaresko said that the approval of the concept would allow switching to the drawing up of an action plan to introduce the system.

The minister said that at present 1.2 million contracts are in the E-Data system.

Deputy Minister of Finance Oksana Markarova earlier said that the main idea is to have an integrated system for decision-making, monitoring, creating and executing the budget, managing liquidity at a daily, every minute level. At present the finance authority has a very limited range of instruments, which the government uses to manage own liquidity, she said.

She noted that the matter concerns the creation of a complete analytical system on the basis of the Ministry of Finance, where all the data will flow, will be standardized, processed and stored, and their small part will be posted on the portal of using public funds.